in every battleground except one. today we saw what losing looks like. gop senate majority leader mitch mcconnell sat down with the three new republicans in the senate. they were expecting a big wave. maybe even a new majority in the senate. instead, it was the democrats, the party of obama, that gained seats. so, why do republicans think they lost? here's what paul ryan's attempt at answering that was. >> i think the surprise was some of the turnout. some of the turnout especially in urban areas, which definitely gave president obama the big margin to win this race. >> urban areas? the president won because of urban areas. sure, turnout was a factor. but sadly paul ryan can't see was so much more to why the republican party failed. one week ago tonight. joining me is congressman barney frank, democrat from massachusetts, ranking and former chairman of the financial services committee. mr. chairman, thank you for joining me. >> thank you, al. >> given the election loss, do you think the republicans will be more open to compromising with the president and the democrats on taxes? let's start there.